Palm Beach Gardens-based Rendina acquired the land from an affiliate of Dyadic International for $1.2 million. Dyadic has held title to the land since 2005 when Rendina sold it the property. In the transaction, Rendina not only got back prime land across from Scripps Florida headquarters and Florida Atlantic's Northern Palm Beach campus, but site approval for an R&D building, Peter Reed, senior vice president of Rendina Cos., tells GlobeSt.com.

Reed did not reveal a timeline for the development. The new asset will join several others Rendina already owns in Abacoa, including the Abacoa Workplace, entitled for more than 800,000 sf of R&D space, and Abacoa Town Center Phase IV, which has site plan approval for 160,000 sf of office, more than 50,000 sf of retail, four 5,000-sf restaurant pads and 398 residential units.

"We are pleased to have this property back in our portfolio and are eager to get started on development of this site," Rendina chairman and CEO Richard Rendina says in a statement. "The repurchase of the Town Center research and development site shows our further commitment to the North County life-science initiative and Scripps Florida."